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Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
 Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use of electronic documentation, particularly in the dry cargo sector, has resulted in a growing user demand from owners and charterers.
In response to this demand, BIMCO brought together a group of charterers and owners to develop a new clause for charter parties that specifically addresses the use of electronic bills of lading (paperless trading) systems.
Today there are two platforms at the forefront of developments in electronic bill of lading systems - essDOCS and Bolero – both of which have been approved by the International Group of P&I Clubs (“the International Group”) as well as by P&I Clubs outside the group.
The use of electronic bills of lading is said to offer benefits both to charterers and owners in streamlining the documentation process and reducing the risk of fraud. The purpose of BIMCO’s new Electronic Bills of Lading Clause is to provide a contractual agreement to permit the use by charterers of the essDOCS and Bolero systems for bills of lading, waybills and delivery orders. The clause effectively confers on electronic bills of lading the same status as paper bills of lading under the terms of the charter party.
The full wording of the Electronic Bills of Lading Clause is as follows:
BIMCO Electronic Bills of Lading Clause
(a) At the Charterers’ option, bills of lading, waybills and delivery orders referred to in this Charter Party shall be issued, signed and transmitted in electronic form with the same
effect as their paper equivalent.
(b) For the purpose of Sub-clause (a) the Owners shall subscribe to and use Electronic (Paperless) Trading Systems as directed by the Charterers, provided such systems are
approved by the International Group of P&I Clubs. Any fees incurred in subscribing to or for using such systems shall be for the Charterers’ account.
(c) The Charterers agree to hold the Owners harmless in respect of any additional liability arising from the use of the systems referred to in Sub-clause (b), to the extent that such
liability does not arise from Owners’ negligence.
A BIMCO Special Circular containing the full wording of the Electronic Bills of Lading Clause with an accompanying explanatory note can be downloaded at BIMCO’s website.
The Position of the P&I Clubs within the International Group with regard to paperless trading already from 1998, the Association together with other P&I Clubs in the International Group has reviewed progress on electronic trading systems. Please find Circulars from 11 December 1998 and 5 October 1999 (and subsequent circulars) on our website.
Until February 2010, the Rules of all of the Clubs comprising the International Group specifically excluded liabilities in respect of the carriage of cargo under all electronic trading systems to the extent that the liabilities under such systems would not have arisen under a ‘normal’ paper system, using transferable paper documentation.
The International Group, after reviewing a number of electronic trading systems, agreed in 2010 that liabilities arising in respect of the carriage of cargo under such systems would be covered from 20 February 2010 provided that the system had first been approved by the International Group. The Circular can be found on Skuld’s website.
Approved Systems
The two systems currently approved by the International Group are the ones administered by - essDOCS version called DSUA 2013.1 (into effect as of 18 March) and it enables electronic trading both in respect of bills of lading and waybills. This version supersedes the essDOCS previous electronic trading system version DSUA 2009.3, which remains approved for the purposes of Club cover (cf. the 2013 Circulariv) and - Bolero International Ltd. (the Bolero system – Rulebook/Operating Procedures, September 1999).
Cover Position
Members should be aware that traditional exclusions of cover under Club Rules relating to the
carriage of cargo, will of course continue to apply in respect of essDOCS and Bolero in the same way as for paper systems, e.g. discharge at a port or place other than the port or place provided for in the contract of carriage, the issue/creation of an ante- or post-dated electronic document/record, delivery of cargo without the production of the negotiable electronic document/record.
Non-covered Risks
The 2010 and 2013 Circulars also clarify that using an electronic bill of lading may expose members to liabilities which are not of a traditional P&I nature.
This is a reference to the types of liabilities members face when using any electronic system or electronic interface in their office or on their ships, for example the risk of viruses, “hacking”, or the accidental release or theft of information.
Further liabilities may include, for example, those which arise under the contractual arrangements, which members have to make directly with the system operator (Bolero or essDOCS or other, non-approved systems), such as obligations to maintain computer links, or the introduction of a virus within the operator’s or a user’s system.
The user agreements also contain undertakings of confidentiality and could give rise to liabilities, if broken. All of these risks are non-marine risks, and may be covered by members’ own business insurances. These are not in the nature of P&I risks. In insurance terms, they may be described as “cyber-risks” or business risks.
Please find further helpful information about paperless trading in the International Group’s FAQs dated 6 August 2013. In addition, BIMCO has compiled a list of FAQs for its members that answer many of the questions about the use of electronic bills of lading.
Feedback requested
Finally, the Association encourages its members who are using either of the two approved electronic trading systems, to report to us that they are doing so and of any benefits or difficulties which they encounter, legal or practical, in the operation of either system. This information would be helpful to the International Group, in monitoring the use and development of the two systems.
Practical Advice on how paperless trading works
We recommend that members consult the websites from those organisations providing the two systems that are approved by the International Group to familiarise themselves with the systems and how paperless trading works.
Source: Skuld / Hellenic Shipping
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Monday, 22 September 14
COAL SECTOR CHAOS - GENESIS TO REVELATION - DIPESH DIPU
COALspot.com: “Let there be light”, intends the government of India but the fuel side of the story paints a blackout. The recent Suprem ...
Monday, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Attock Cement Pakistan Limited
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
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